Johns Creek OKs $24M financing for city hall purchase

0

Johns Creek OKs $24M financing for city hall purchase

View CaptionHide Caption
Johns Creek will issue $24 million in certificates of participation to cover the $10 million purchase of its new city hall building at 11360 Lakefield Drive, and $14 million to expand and renovate it. CITY OF JOHNS CREEK

The Johns Creek City Council has approved lease-purchase agreement with the Georgia Municipal Association and financing in connection with its acquisition of a building at 11360 Lakefield Drive earlier this year for a new city hall.

The lease-purchase will be part of the municipal association’s Bricks and Mortar Financing Program.

The city intends to issue certificates of participation that would reimburse its general fund the $10 million spent to buy the building, as well as provide $14 million for the expansion and renovation of the property, according to a staff report to the council.

A private placement is planned through JPMorgan Chase Bank with a tentative interest rate of 2.58 percent.

View Comments 0

Weather and Traffic